Daily News Archive
Brought to you by Home Furnishings Business
June 16,
2011 by in UnCategorized 
By Home Furnishings Business in Financial Reports on June 17, 2011
Upholstery fabric and mattress ticking supplier (NYSE: CFI) reported net income of $6 million for the fourth quarter ended May 1, compared with net income of $5.4 million in the same quarter last year.
Net sales for the quarter were $60.4 million, up 5.5 percent from sales of $57.2 million in the fourth quarter last year.
During the quarter, Culp began its upholstery fabric sales through Culp Europe, its subsidiary established in Poland to sell and distribute fabrics.
Net income for fiscal 2011 was $16.2 million, compared with $13.2 million posted for fiscal 2010. Net income for this year included a $1.1 million income tax benefit, and net income for fiscal 2010 included an income tax expense of $1.1 million.
Annual sales for the company were $216.8 million, a 5 percent increase from net sales of $206.4 million posted in fiscal 2010.
In addition to the financial results, the company's board of directors approved the expenditure of up to $5 million under a stock repurchase program. Based on the current market value of the common stock, the company could buy about 5 percent of the 13.3 million outstanding shares.
"This share repurchase program reflects the company's strong financial position and confidence in our long-term prospects," said Frank Saxon, chief executive officer. "Our healthy balance sheet and ample liquidity provide us the opportunity to continue to invest in growing our businesses, while also creating value for our shareholders through share repurchases."
Saxon said the company was pleased with its fourth quarter and year-end performance.
"Overall, our solid performance reflects the benefits of a lean and agile global operating platform and a strong competitive position in both businesses," he said. "Our financial position continues to be the strongest in the company's history. This represents an important competitive advantage in these highly uncertain times, and provides us not only with greater flexibility to pursue our growth initiatives, but also an opportunity to enhance shareholder value through the share repurchase program announced today. Above all, Culp represents a stable and trusted supplier for our customers with a proven ability to execute."
The entire earnings release can be found online.
June 16,
2011 by in UnCategorized
By Home Furnishings Business in Community/Charitable Support on June 17, 2011
Gift For Life, the gift, stationery and home decor industries' charitable organization, will benefit from an "Up on the Roof" party at Las Furniture Vegas Market.
The event is set for Tuesday, Aug. 2 at 6 p.m. at the SkyView Terrace, Building B, 16th Floor at World Market Center Las Vegas. All ticket proceeds will benefit the Design Industries Foundation Fighting AIDS.
Buyers are invited to enjoy cocktails, appetizers, live music, prizes and a breathtaking view of the Las Vegas skyline.
"World Market Center Las Vegas is very excited to host 'Gift for Life during our Summer Gift+Home show at Las Vegas Market," said Robert Maricich, chief executive officer of International Market Centers, parent company of World Market Center Las Vegas. "This party, combining fun and fundraising, is sure to be one of the highlights of our market experience and I hope everyone attending has the chance to participate in this worthwhile event."
"We are proud that World Market Center Las Vegas has created a special event to help raise awareness and funds," said Leslie Nathan-Street, chair of the Gift For Life board. "Across the U.S. we are making an important difference in the lives of our friends and neighbors."
Tickets are $20 per person, and all proceeds will go to Gift for Life/DIFFA. This event is sponsored by World Market Center Las Vegas, GIFT+HOME, and the Gift & Home Trade Association. Tickets available for purchase here.
For questions about the event, contact Margaret Casey by e-mail.
June 15,
2011 by in UnCategorized
By Home Furnishings Business in Community/Charitable Support on June 16, 2011
Pasquale Natuzzi, chairman and CEO of Italian leather furniture manufacturer Natuzzi, is this year's Anti-Defamation League lifetime achievement award honoree.
Natuzzi will receive the award in New York City on Thursday, June 23. The Lifetime Achievement Award is presented to an industry leader who has distinguished himself with creative work to improve, enhance and benefit relationships among partners, vendors and employees. Honorees have shown their commitment to the home furnishings industry, their community and to mankind.
Natuzzi, was the 19-year-old son of a cabinet-maker when he opened a workshop in Taranto, Italy, to produce sofas and armchairs for the local market. He eventually moved to Matera, where he began to gain commercial experience and an in-depth knowledge of distribution mechanisms, on an industrial scale. In 1972, Pasquale founded Natuzzi Salotti S.r.I. One year later, he relocated production to Santeramo in Colle (Bari, Italy), which continues to serve as headquarters for the Natuzzi Group brands sold worldwide today.
In the early '80s, during a trip to the U.S., the rising entrepreneur spotted an opportunity to "democratize" the leather sofa--long considered a product for the elite. By 1985, he established Natuzzi Upholstery Inc in New York, catering specifically to the needs of North American customers.
Success in the U.S. included a listing on the New York Stock Exchange (NYSE: NTZ) in 1993, which motivated Natuzzi on to establish his brand in other markets around the world.
In 1998, the Group's strong ties to the American markets were affirmed by the grand opening of its North American headquarters in High Point, N.C., supporting more than 50 employees and four floors of showroom space. Designed by famed architect Mario Bellini, the magnificent building has quickly become a landmark of the High Point Market, the worlds largest tradeshow for residential home furnishings.
Natuzzi Group then went on to strengthen its presence in Europe and Italy--opening the first Divani & Divani by Natuzzi store in Taranto, Italy. Today there are 289 Natuzzi Italy stores worldwide (Italy, Greece, Spain, Portugal, France, Switzerland, China, Australia and the U.S.), and 371 Natuzzi Italy branded galleries, principally located in the U.S. and Northern Europe.
Today the Natuzzi Group is a world leader in the leather sofa business with sales of 514 million (Euro) in 2009, and remains the top Italian producer for interior furnishings. With 11 factories operating in Italy and around the world, the Group employs nearly 7,000 employees worldwide.
Fifty years after opening his workshop in Taranto, Pasquale Natuzzi continues to personally oversee strategic activities of the Natuzzi Groups brands. He's intimately involved in product innovation, research, marketing, communications, staff training, and working alongside the Natuzzi Groups managers to chart the future.
For his effort and commitment in the region, Pasquale was awarded an honorary degree in Education Science in December 2001 by the University of Bari. In 2008, he was inducted into the American Furniture Hall of Fame, the first international recipient of that honor. He lives in Santeramo, is married, and is the father of five children.
June 15,
2011 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on June 16, 2011
Art Van Elslander, founder and chairman of Art Van Furniture, has received the Ernst & Young Entrepreneur Of The Year 2011 Lifetime Achievement Award.
It is the first time the honor has ever been awarded in the Michigan and Northwest Ohio division. The award recognizes outstanding entrepreneurs who consistently demonstrate excellence and extraordinary success. Van Elslander was selected by an independent panel of judges, and the award was presented at a gala event at the MGM Grand on June 9.
"It's always nice to be recognized for your work," said Van Elslander, who has been in business for 52 years, "but when that recognition comes from your peers, it is a true honor. The key to our success has been our unmatched customer service. We always put the customer first, and do whatever it takes to make sure they are satisfied."
Art Van opened his first store in 1959, with a philosophy that is still the foundation of store operations today--quality furniture, great prices, high standards of service. He was honored with the Ernst & Young Entrepreneur of the Year Lifetime Achievement award for more than 50 years of business success and contributions to the community.
The Ernst & Young Entrepreneur of the Year Awards Program celebrates its 25th anniversary this year, with Van Elslander being the first in Michigan and Ohio to be honored with the Lifetime Achievement Award.
June 15,
2011 by in UnCategorized
By Home Furnishings Business in Community/Charitable Support on June 16, 2011
Contemporary, hip retailer CB2 has partnered with
The Trevor Project, a national organization that provides crisis intervention and suicide prevention services to lesbian, gay, bisexual, transgender and questioning (LGBTQ) youth.
The retailer kicks off the partnership today with an in-store shopping event at its Soho store. To commemorate the kick-off, CB2 will donate 5 percent of the evening's event sales to The Trevor Project.
Demonstrating their deep commitment to this charitable initiative and support of The Trevor Project's mission, CB2 will also host a "weekend of charitable shopping" June 25-26, offering consumers the opportunity to get involved, by donating 5 percent of all sales from online, catalog and the nine CB2 brick-and-mortar locations to The Trevor Project.
"CB2 is proud to support The Trevor Project in their work with the lesbian, gay, bisexual, transgender and questioning community," said Marta Calle, director of CB2. "The Trevor Project is a very important organization and we are passionate about their cause to save young lives."
"As a national corporate partner of The Trevor Project, CB2 is a leader in good corporate citizenship," said David McFarland, interim executive director and CEO of The Trevor Project. "For their psychological well-being, youth need to know that they are accepted for who they are, regardless of gender identity or sexual orientation. CB2 supports those ideals."
The Trevor Project was founded in August 1998 by the creators of the Academy Award-winning short film, "Trevor," when this story about an LGBTQ teen who attempts suicide was set to begin airing on HBO. Since that time, The Trevor Project has risen to national prominence in the realm of suicide prevention among youth. In addition to operating the only national crisis lifeline for LGBTQ youth, the organization is the first in the nation to offer suicide prevention services to youth in digital spaces, including counseling via instant message, and the largest online social network specifically for young LGBTQ people.
The U.S. Department of Health and Human Services has appointed The Trevor Project to a leadership role in the National Action Alliance for Suicide Prevention, and the organization is a lead resource for the
White House's anti-bullying initiative.